Ensurge Strikes Development Pact With Corning to Build Ultra-High-Density Microbatteries

Equity-linked terms convert Corning’s services into Ensurge shares at a set price, with additional warrants awaiting shareholder approval.

Overview

Ensurge and Corning signed a Joint Development Agreement to integrate Corning’s Ribbon Ceramic materials and processes with Ensurge’s solid-state microbattery platform for high-energy products.
Target applications include high-volume consumer, medical, industrial, and defense devices that require compact, high-safety power sources.
Corning’s engineering and other services can be converted quarterly into Ensurge shares at NOK 1.11 per share by set-off, up to a maximum of USD 5 million.
Ensurge plans to issue warrants giving Corning the option to invest up to USD 10 million at NOK 1.50 per share, exercisable for two years after EGM approval and contingent on the collaboration remaining in effect; the warrants are free, registered in the VPS, and not listed.
The issuance of conversion shares and warrants requires authorization at an extraordinary general meeting that Ensurge will call shortly, and the company scheduled a webcast for stakeholders today at 14:00 CET (08:00 ET) hosted by Arctic Securities.